Briefs

U.S. regulators have rejected an effort by billionaire Philip Falcone to build a national wireless network, leaving the hedge fund investor few options to salvage his LightSquared venture. The decision also deals a blow to U.S. efforts to increase industry competition. The FCC said on Feb. 14 that it won’t let LightSquared, which aims to let people browse the Web at higher speeds, begin service. The move came after an Obama administration adviser said there was no way to prevent LightSquared’s network from disrupting the navigation gear used by planes, boats, and cars. Falcone’s hedge fund, Harbinger Capital Partners, has invested about $3 billion in the company.

Amazon.com’s Prime service, a linchpin of its effort to keep customers loyal and fuel long-term profit, has attracted fewer than half as many members as analysts had projected, three people familiar with the matter say. As of October, 3 million to 5 million people had enrolled in Prime, a program that provides two-day shipping for $79 a year, say the people, who asked not to be named because the figures are private. Analysts projected 10 million subscribers or more by the start of 2012. Amazon declined to comment.